Checking Accounts
Notice of Your Financial Privacy Rights.
Terms:
We, our, and us means Municipal Employees Credit Union of Oklahoma City.
Nonpublic personal information means information about you that we collect in connection with providing a financial product or service to you. Nonpublic personal information does not include information that is available from public sources, such as telephone directories or government records.
An affiliate is a company we own or control
A nonaffiliated third party is a company that is not an affiliate of ours.
This is our privacy notice for our members. When we use the words "you" and "your" we mean the following types of members: (1) all of our consumer members who have a continuing relationship with us, such as savings account, loan account, credit card, safe deposit box, and (2) all IRA accounts for which we act as custodian. We will tell you the sources for nonpublic personal information we collect on our members. We will tell you what measures we take to secure that information.
The Information That We Collect
We collect nonpublic personal information about you from the following sources: (1) Information that we receive from you on applications or other forms; (2) Information about your transactions with us; (3) Information about your transactions with nonaffiliated third parties; (4) Information from a consumer reporting agency.
The Confidentiality, Security And Integrity of Your Nonpublic Personal Information
We restrict access to nonpublic personal information about you to those employees who need to know that information to provide products or services to you. We maintain physical, electronic, and procedural safeguards that comply with federal regulations to guard your nonpublic personal information.
Nonpublic Personal Information and Affiliates
We may disclose nonpublic personal information about you. Here are the kinds of nonpublic personal information we may disclose to our affiliates: (1) Transaction and experience information from our account records; (2) Information about your transactions and experience with us, such as: name, address and account number. Federal law allows us to disclose the information listed above with our affiliates. You do not have a right to opt out of the disclosure of this information.
Types of Affiliates
We may disclose nonpublic personal information about you to the following types of affiliates: Financial service providers, such as Securities broker-dealers and Insurance agents.
Nonpublic Personal Information and Nonaffiliated Third Parties
Since we value our member relationship with you, we will not disclose your nonpublic personal information to nonaffiliated third parties, except as permitted by law.
Nonpublic Personal Information and Former Members
We do not disclose nonpublic information about former members.
Authorized Sharing Outside Marketing Services
We may disclose the following information to companies that perform marketing services on our behalf: (1) Nonpublic personal information we receive from you on an application or other forms, such as name and address; (2) nonpublic personal information about your transactions with us, such as types of accounts and credit card usage.
Federal law allows us to disclose the information listed above with companies that perform marketing services on our behalf. You do not have a right to opt out of the disclosure of this information. We may also disclose nonpublic personal information about you to nonaffiliated third parties as permitted by law.
Limitations on Disclosure
Here are the limitations we impose on the use of nonpublic personal information disclosed to companies that perform marketing services on our behalf: We only allow direct mail solicitations.
Authorized Sharing Outside Marketing Services
We may disclose the following information to other financial institutions with whom we have joint marketing agreements: (1) Nonpublic personal information we receive from you on an application or other forms, such as: name, address and account number.
Federal law allows us to disclose the information listed above with other financial institutions with whom we have joint marketing agreements. You do not have a right to opt out of the disclosure of this information. We may also disclose nonpublic personal information about you to nonaffiliated third parties as permitted by law.
Types of Businesses
Here are the types of businesses with whom we may disclose nonpublic personal information: (1) Financial service providers such as insurance agents; (2) Service providers that perform marketing services for us; (3) Direct Sales companies.
Reasons for Disclosing
Here is why we may disclose nonpublic personal information about you to our affiliates, companies that perform marketing services on our behalf or financial institutions with whom we have joint marketing agreements: To provide our members with information about additional products and services.
Truth-in-Savings Account Disclosures
Except as specifically described, the following disclosures apply to all of the accounts. All accounts described in this Rate and Fee Schedule are share accounts.
1. Rate Information. The Annual Percentage Yield is a percentage rate that reflects the total amount of dividends to be paid on an account based on the dividend rate, and frequency of compounding for an annual period. For Savings, IRA Share, and Money Market Checking accounts, the Dividend Rate and Annual percentage Yield may change as determined by the Credit Union’s Board of Directors. The Dividend Rates and Annual Percentage Yields are the rates and yields of the last dividend declaration date which is set forth in the Rate Schedule.
2. Nature of Dividends. Dividends are paid from current income and available earnings after required transfers to reserves at the end of the dividend period.
3. Dividend Compounding and Crediting. The compounding and crediting of dividends and dividend period applicable to each account are set forth in the Rate Schedule. The Dividend Period is the period of time at the end of which an account earns dividend credit. The Dividend Period begins on the first calendar day of the period and ends on the last calendar day of the period.
4. Accrual of Dividends. For Savings, IRA Share, and Money Market Checking accounts, dividends will begin to accrue on noncash deposits (e.g. checks) on the business day you make the deposit to your account. For Savings, IRA Share, and Money Market Checking accounts, if you close your account before the accrued dividends are credited, accrued dividends will not be paid.
5. Balance Information. The minimum balance requirements applicable to each account are set forth in the Rate Schedule. For Money Market Checking accounts, there is a minimum daily balance required to avoid a service fee for the dividend period. If the minimum daily balance is not met, there will be a service fee as set forth on the reverse side. For Checking accounts, there is a minimum balance required to avoid a service fee for the dividend period. For IRA Share accounts, there is a minimum balance to be met at the end of the year to avoid a service fee. If the minimum daily balance is not met, there will be a service fee as set forth on the reverse side. For Savings, IRA Share, and Money market Checking accounts using an Average Daily Balance method, dividends are calculated by applying a period rate to the average daily balance in the account for the period. The average daily balance is determined by adding the full amount of principal in the account for each day of the period and dividing that figure by the number of days in the period.
6. Account Limitations. For Savings accounts, no more than six (6) preauthorized, automatic, or telephone transfers may be made from these accounts to another account of your or to a third party in any month, and no more than three (3) of these six (6) transfers may be made by check, draft, or debit card to a third party. If you exceed these limitations, your account may be subject to a fee or be closed. For Savings accounts, three (3) withdrawals per quarter are allowed, after which a fee will be imposed. For IRA Share accounts, there will be a withdrawal fee imposed if under age 59-1/2. For Money Market Checking and Checking Accounts, no account limitations apply.
We, MECU, allow electronic check transactions to post to your, the members, checking account.
Important Notice Regarding Rate Information
The purpose of this page is to inform MECU members and potential members of services offered, as well as to keep members aware of changes in current rates and policies. The rates on this page do not supersede rates quoted and posted at MECU offices. While we make every effort to ensure these rates are accurate, neither MECU, the website publisher nor any other party assumes liability for loss or damages due to reliance on this material. All loans are subject to approval.
ACH Fedwire Disclosure
UCC Article 4A (for ACH and Fedwire)
In accordance with article 4A of the Uniform commercial Code and as required by the State of Oklahoma, Municipal Employees Credit Union provides the following notice of your rights and limitations when conducting transactions via wire transactions and/or automated clearing house (ACH).
1. Notice of the Use of Fedwire: If you send or receive a wire transfer, Fedwire may be used. Regulation J is the law covering all Fedwire transactions.
2. Notice Regarding Identification of Beneficiary: If you give Municipal Employees Credit Union a payment order which identifies the beneficiary (recipient of funds) by both name and identifying or account number, payment may be made by the beneficiary’s bank on the basis of the identifying or bank account number, even if the number identifies a person different than the named beneficiary.
3. Notice Regarding Identification of Banks: If you give Municipal Employees Credit Union a payment order which identifies a intermediary or beneficiary’s bank account by both name and identifying number, a receiving bank may rely on the number as the proper identification even if it identifies a different person than the named bank.
4. Notice of Provisional Nature of Ach Payments: Municipal Employees Credit Union may give you credit for automated clearing house (ACH) payments before it receives final settlement of the funds transfer. Any such credit is provisional until Municipal Employees Credit Union receives final settlement of the payment. You are hereby notified and agree, if Municipal Employees Credit Union does not receive such final settlement, that it is entitled to a refund from you of the amount credited to you in connection with that ACH entry.
5. Notice Regarding Receipt Of Ach Item: ACH transactions are governed by operating rules of the National Automated Clearing House Association. In accordance with these rules, Municipal Employees Credit Union will not provide you with next day notice of receipt of ACH credit transfers to your account. You will receive notices of receipt of ACH items in the periodic account statements.
Funds Availability Disclosure
Our policy is to make funds from your deposits available to you on the day we receive your deposit. At that time, you can withdraw the funds in cash and / or we will use the funds to pay checks that you have written or transactions you have authorized. Even after we have made funds available to you, and you have withdrawn the funds, you are still responsible for checks you deposit that are returned to us unpaid and for any other problems involving your deposit. For determining the availability of your deposits, everyday is a business day, except Saturdays, Sundays and holidays. If you make a deposit before closing on a business day that the credit union is open, we will consider that day to be the day of your deposit.
Longer Delays May Apply: In some cases, we will not make all of the funds that you deposit by check available to you on the day that you make the deposit. Depending on the type of check that you deposit, funds may not be available until the fifth business day after the day of your deposit. However, the first $100 of your deposit will be available to you on the day we receive the deposit. If we are not going to make all of the funds available to you on the day you make the deposit, we will notify you at the time you make your deposit. We will also tell you when the funds will be available. If your deposit is not made directly to one of our employees, or if we decide to take this action after you have left the premises, we will mail you the notice by the day after we receive your deposit. If you will need the funds from a deposit right away, you should ask when the funds will be available. In addition, the funds you deposit by check may be delayed for a longer period under the following circumstances: We believe a check you deposited may not be paid—You deposited checks totaling more than $5,000 on any one day—You re-deposited a check that has been returned unpaid—You have overdrawn your account repeatedly in the last six months—There are other circumstances such as failure of communications or computer equipment. We will notify you if we delay your ability to withdraw funds for any of these reasons, and we will tell you when the funds will be available. They will generally be available no later than the ninth business day after the day of your deposit.
Special Rules For New Accounts: If you are a NEW member, the following special rules will apply during the first thirty (30) days your account is open. Funds from wire transfers, electronic direct deposits, deposits of cash and the first $5,000 of the day’s total deposits of cashier’s, certified, teller’s, travelers, and the federal, state and local government checks will be available on the day of your deposit, if the deposit meets certain conditions. For example, the checks must be payable to you. The excess over $5,000 will be available on the ninth business day after the day of your deposit. If your deposit of these checks (other than a U.S. Treasury check) is not made in person to one of our employees, the first $5,000 will not be available until the second business day after the day of your deposit. Depending on the type of check you deposit, funds may not be available until the ninth business day after the day of your deposit.
Deposits at Automated Teller Machines (ATM): Funds from deposits made at an ATM we do not own or operate may not be available until the fifth business day after you make your deposit.
Holds on Other Funds: If we cash a check for you that is drawn on another financial institution, we may withhold the availability of a corresponding amount of funds that are already in your account. Those funds will be available at the time the funds from the check we cashed would be available if you had deposited it. If we accept for deposit a check that is drawn on another financial institution, we may make funds from the deposit available for withdrawal immediately, but delay your availability to withdraw a corresponding amount of funds that we have on deposit in another account with us. The funds in the other account would then not be available for withdrawal until the time periods that are described previously in this disclosure for the type of check you deposited.
ME/CU@HOME Disclosure
This Agreement governs the use of Municipal Employees Credit Union's Internet Banking Service, jointly referred to as the "Service," provided by Municipal Employees Credit Union, also referred to as “MECU". By using the Service to conduct transactions, you agree to the terms of this Agreement.
Definitions
As used in this Agreement, "account" and "accounts" mean the MECU account in which you are either the owner or joint owner. "Loan account" and "loan accounts" mean any loan you have with the Credit Union. "You," "your," and "yours" mean the person(s) using the Service. "We," "our," us," and "Credit Union" refer to the individual Credit Union (Municipal Employees Credit Union) that holds your accounts.
Deposit and Credit Agreements
The terms and conditions in this Agreement shall have priority and take precedence over any existing terms and conditions in existing account and loan agreements you have with us in the event of a conflict.
Required Equipment
In order to use the Internet Banking Service, you need a computer (in this Agreement, your computer and the related equipment are referred to together as your "Computer") with a web browser (either Netscape Navigator 4.0 or higher, Microsoft Internet Explorer 4.0 or higher), a member number, and Internet Banking PIN. The PIN is the confidential personal identification number you use to access your account(s) through Internet Banking.
You are responsible for the installation, maintenance, and operation of your Computer, browser and the software. MECU is not responsible for any errors or failures from any malfunction of your Computer, the browser or the software. MECU is also not responsible for any computer virus or related problems that may be associated with the use of an online system.
The Service
To use Internet Banking, you must have at least one MECU personal share account and a Internet Banking PIN. Through Internet Banking, you will have access to any of your MECU share accounts or loan accounts. Municipal Employees Credit Union reserves the right to deny access to a deposit account or loan account or to deny transactions under certain circumstances.
Description of Internet Banking
The Service allows you to perform some or all of the following functions from your Computer:
Online Account Access Functions and Limitations of Transfers
You may use Internet Banking to (a) transfer funds between your accounts; (b) obtain account balances; (c) obtain history and transaction information on your accounts; and (d) obtain loan account balance information. These features are limited to the extent, and subject to the terms, noted below.
i. Your ability to transfer funds between certain accounts is limited by federal law and the Deposit Agreement. You should refer to the Deposit Agreement for legal restrictions and service charges applicable for excessive withdrawals or transfers. Transfers made using the Internet Banking Service are counted against the permissible number of transfers described in the Deposit Agreement.
ii. There may be at least a one-business-day delay in transferring funds between your accounts. Except as provided in this Agreement, all Internet Banking transaction instructions received by 6:00 p.m. CST will be completed that business day. Any instruction received after 6:00 p.m. CST will be completed the next business day.
iii. Transactional information for your accounts will be available from Internet Banking for a maximum of three statement cycles from the date of inquiry.
Personal Identification Number and Security
Your Internet Banking personal identification number (PIN) is required to access MECU’s Internet Banking functions. You agree not to give or make available your PIN to any unauthorized individual. If you believe your PIN has been lost or stolen, someone has attempted to use the Internet Banking Service without your consent, your deposit account(s) or loan account(s) have been accessed, or someone has transferred money without your permission, you must notify Municipal Employees Credit Union immediately at ( 405-297-2995). Municipal Employees Credit Union does not maintain a record of your PIN. If you lose or forget your PIN, contact MECU immediately so that you may select a new confidential PIN.
Your Liability for Unauthorized Transfer
Tell us AT ONCE if you believe your account information and/or PIN have been lost or stolen. Telephoning is the best way of keeping your possible losses down. You could lose all the money in your accounts (plus your maximum overdraft line of credit and open-end credit). If you believe your account information and/or PIN has been lost or stolen, and you tell us within 2 business days after you learn of the loss or theft, you can lose no more than $50.00 if someone used your account information and/or PIN without your permission. If you do NOT tell us within two business days after you learn of the loss or theft of your account information and/or PIN, and we can prove we could have stopped someone from using your account/and or PIN without your permission if you had told us, you could lose as much as $500.00. Also, if your statement shows transfers that you did not make, tell us at once. If you do not tell us within 60 days after the statement was mailed to you, you may not get back any money you lost after the 60 days, if we can prove that we could have stopped someone from taking the money if you had told us in time.
Errors and Questions
Telephone us as soon as you can if you think your statement or receipt is wrong or if you need more information about a transfer listed on the statement. We must hear from you no later than 60 days after we sent the FIRST statement on which the problem or error appeared. Your inquiry must include:
1. Your name and account number,
2. A description of the error or the transfer you are unsure about and an explanation of why you believe it is an error or why you need more information,
3. The dollar amount of the suspected error, and
4. The date of occurrence.
If you tell us orally, we may require that you send us your complaint or question in writing within 10 business days. We will generally tell you the results of our investigation within 10 business days of the receipt of your complaint or question (20 business days if the transaction involved an account opened within the past 30 days). If we need more time, however, we may take up to 45 days. If we decide there was no error, we will send you a written explanation within three business days after we finish our investigation. You may ask for copies of the documents that we used in our investigation.
Data Recording
When you access Internet Banking to conduct transactions, the information you enter may be recorded. By using Internet Banking, you consent to such recording.
No Signature Required
When using Internet Banking to conduct transactions, you agree that the Credit Union may debit your account to complete the transactions, or honor debits you have not signed.
Disclosure of Account Information to Third Parties
We will disclose information to third parties about your account or transfers you made:
1. When it is necessary to complete the transfers;
2. In order to verify the existence and conditions of your account for a third party, such as a credit bureau or merchant;
3. In order to comply with a government agency or court orders; or
4. If you give us written permission.
Charges
You will not be charged for the "view accounts", or "transfer funds" features of Municipal Employees Credit Union's Internet Banking. NOTE: Your accounts and loan accounts are still subject to the fees, charges, balance requirements, etc. articulated in the Deposit Agreement and Loan Agreement.
Alterations and Amendments
The terms of this Agreement, applicable fees, and service charges may be altered or amended by MECU from time to time. In such event, MECU shall send notice to you either at your address as it appears on Municipal Employees Credit Union’s records or by online notice through Internet Banking. Any continuation of Internet Banking after Municipal Employees Credit Union sends you a notice of change will constitute your agreement to such change(s). Further, MECU may, from time to time, revise or update the Municipal Employees Credit Union program, services, and/or related material(s) rendering such prior versions obsolete. Consequently, MECU reserves the right to terminate this Agreement as to all such prior versions of the Municipal Employees Credit Union programs, services, and/or related material(s) and limit access to MECU’s more recent versions and updates.
Address Changes
You agree to promptly notify Municipal Employees Credit Union, in writing, of any address change.
Termination or Discontinuation
The use of Internet Banking does not require enrollment on your behalf; therefore, termination of Internet Banking by you is done by not accessing or using the Service. However, any transactions or payments you have previously authorized will be completed as instructed. Neither termination nor discontinuation shall affect your liability or obligation under this Agreement.
Payee Limitation
Municipal Employees Credit Union reserves the right to impose a frequency or dollar limit on or refuse to make any payment you have directed. Municipal Employees Credit Union is obligated to notify you promptly if it decides to refuse to complete your payment instruction. This notification is not required if you attempt to make payments which are prohibited under this Agreement.
Disputes
In the event of a dispute regarding Internet Banking, you and Municipal Employees Credit Union agree to resolve the dispute by looking to this Agreement. You agree that this Agreement is the complete and exclusive statement of the agreement between you and Municipal Employees Credit Union, which supersedes any proposal or prior agreement, oral or written, and any other communications between you and Municipal Employees Credit Union relating to the subject matter of this Agreement. If there is a conflict between what one of MECU’s employees says and the terms of this Agreement, the terms of this Agreement have final control.
Assignment
You may not assign this Agreement to any other party. Municipal Employees Credit Union may assign this Agreement to any present or future, directly or indirectly, affiliated company. Municipal Employees Credit Union may also assign or delegate certain of its rights and responsibilities under this Agreement to independent contractors or other third parties.
No Waiver
Municipal Employees Credit Union shall not be deemed to have waived any of its rights or remedies hereunder unless such waiver is in writing and signed by Municipal Employees Credit Union. No delay or omission on the part of Municipal Employees Credit Union in exercising any right or remedy shall operate as a waiver of such right or remedy or any other rights or remedies. A waiver on any particular occasion shall not be construed as a bar or waiver of any rights or remedies on future occasions.
Captions
The captions of sections hereof are for convenience only and shall not control or affect the meaning or construction of any of the provisions of this Agreement.
Governing Law
This Agreement shall be governed by the laws of the jurisdiction in which the Credit Union is located and by applicable Federal laws and regulations.
Federal Disclosure
You agree to accept this disclosure online rather than a paper disclosure. We recommend you print the entire Agreement and Disclosure for your records. If you are unable to print this, please request a paper disclosure to be mailed to you.
Substitute Checks and Your Rights
What is a substitute check?
To make check processing faster, federal law permits banks to replace original checks with “substitute checks.” These checks are similar in size to original checks with a slightly reduced image of the front and back of the original check. The front of a substitute check states: “This is a legal copy of your check. You can use it the same way you would use the original check.” You may use a substitute check as proof of payment just like the original check. Some or all of the checks that you receive back from us may be substitute checks. This notice describes rights you have when you receive substitute checks from us. The rights in this notice do not apply to original checks or to electronic debits to your account. However, you have rights under other law with respect to those transactions.
What are your rights regarding substitute checks?
In certain cases, federal law provides a special procedure that allows you to request a refund for losses you suffer if a substitute check is posted to your account (for example, if you think that we withdrew the wrong amount from your account or that we withdrew money from your account more than once for the same check). The losses you may attempt to recover under this procedure may include the amount that was withdrawn from your account and fees that were charged as a result of the withdrawal (for example, bounced check fees). The amount of your refund under this procedure is limited to the amount of your loss or the amount of the substitute check, whichever is less. You also are entitled to dividends on the amount of your refund if your account is a dividend-bearing account. If your loss exceeds the amount of the substitute check, you may be able to recover additional amounts under other law. If you use this procedure, you may receive up to $2,500 of your refund (plus dividends if your account earns dividends) within 10 business days after we received your claim and the remainder of your refund (plus dividends if your account earns dividends) not later than 45 calendar days after we received your claim. We may reverse the refund (including any dividend on the refund) if we later are able to demonstrate that the substitute check was correctly posted to your account.
How do you make a claim for a refund?
If you believe that you have suffered a loss relating to a substitute check that you received and that was posted to your account, please write to us at the address listed on your statement. You must contact us within 40 calendar days of the date that we mailed (or otherwise delivered by a means to which you agreed) the substitute check in question or the account statement showing that the substitute check was posted to your account, whichever is later. We will extend this time period if you were not able to make a timely claim because of extraordinary circumstances. Your claim must include—
• A description of why you have suffered a loss (for example, you think the amount withdrawn was incorrect);
• An estimate of the amount of your loss;
• An explanation of why the substitute check you received is insufficient to confirm that you suffered a loss; and
• A copy of the substitute check or information to help us identify the substitute check, for example the check number, the name of the person to whom you wrote the check, and the amount of the check.
